China is working out an extradition treaty with Australia to catch hold of its corrupt officials.
In a bid to align its public office with public trust, China will sign an extradition treaty with Australia to get back its economic fugitives, it was announced on November 10, 2014. The treaty will function as an anti-graft effort and will be inked at the Asia-Pacific Economic Cooperation (APEC) meet in Beijing.
Chinese President Xi Jinping had included anti-graft measures in the country’s central policy in light of burgeoning corruption and the public reaction it received. In order to repatriate corrupt officials or their family members who are thriving on ‘stolen’ public money, the country launched the ‘Fox Hunt’ campaign.
Many Chinese officials are reported to be living sheltered lives in Australia and converted their ill-gotten gains into legitimate assets such as bank accounts and property. The APEC forum began on November 10, 2014, thronged by representatives of 21 Pacific Rim economies who have converged to promote free trade and economic cooperation throughout the Asia-Pacific region.
Anti-graft efforts world over are gaining momentum as there is massive public unrest globally over existing financial secrecy that has allowed trillions of dollars worth public money to be siphoned off from developing countries every year. This has mostly been executed through non-transparent corporate ownership structures that have allowed various public and private parties to evade taxation or veil non-traceable funds.
Photo Credits: worldbulletin.net